ME Mariner Energy Inc.

HOUSTON, Aug. 7 /PRNewswire-FirstCall/ -- Mariner Energy, Inc. (NYSE:ME) today acquired the interest of BP Exploration & Production Inc. in West Cameron Block 110 and the SE/4 of West Cameron Block 111 in the Gulf of Mexico. The interest was acquired by Mariner's wholly-owned subsidiary, Mariner Energy Resources, Inc. ("MERI"), exercising its preferential right to purchase. BP retained its interest in depths below 15,000 feet. MERI previously held a 37.5% working interest in the property that was acquired in Mariner's merger transaction with Forest Oil Corporation in March 2006. Mariner will become operator of the property, and MERI will own 100% of the working interest, exclusive of the deep rights retained by BP. The acquisition cost, net of preliminary purchase price adjustments, was approximately $70.9 million. The acquisition adds proved reserves estimated by Mariner to be 20 billion cubic feet of gas equivalent (Bcfe) as of August 1, 2006. Production associated with the acquired interests was approximately 11 million cubic feet of gas equivalent per day (MMcfe/d) during July 2006. This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities that Mariner assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Our forward-looking statements are generally accompanied by words such as "may", "will", "estimate", "project", "predict", "believe", "expect", "anticipate", "potential", "plan", "goal", or other words that convey the uncertainty of future events or outcomes. The forward-looking statements provided in this press release are based on the current belief of Mariner based on currently available information as to the outcome and timing of future events. Mariner cautions that its future natural gas and liquids production, revenues and expenses and other forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development and production and sale of oil and gas. These risks include, but are not limited to, price volatility or inflation, lack of availability of goods and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, and other risks as described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and other documents filed by Mariner with the Securities and Exchange Commission. Any of these factors could cause the actual results and plans of Mariner to differ materially from those in the forward-looking statements. Investors are urged to read the Annual Report on Form 10-K for the year ended December 31, 2005 and other documents filed by Mariner with the Securities and Exchange Commission that contain important information including detailed risk factors. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Mariner. About Mariner Energy, Inc. Mariner Energy, Inc. is an independent oil and gas exploration, development and production company with principal operations in the Gulf of Mexico and West Texas. For more information about Mariner, please visit its website at http://www.mariner-energy.com/ . DATASOURCE: Mariner Energy, Inc. CONTACT: Jaime F. Brito, Director, Investor Relations of Mariner Energy, Inc., +1-713-954-5558, or Web site: http://www.mariner-energy.com/

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